Buy and Grow

360 Solutions continues to forget ahead.

Buy and Grow

Rest of World

Staffing 360 Solutions, Inc. is continuing its international buy-and-build strategy through the acquisition of CBS Butler Holdings (UK) and firstPRO Georgia (US). The business has also announced a number of transformative developments, including a significant refinancing of the company's balance sheet.

In line with management's emphasis on improving the financial health of the company and reinvigorating its highly focused M&A program, Staffing 360 Solutions is pleased to announce:

• Execution of a comprehensive refinancing of Staffing 360's balance sheet with current lenders:

•$40 million 12% senior note with a three-year term and zero amortization prior to maturity.

•Renegotiated terms of the existing receivable facility for a more attractive $25 million revolver and accordion to $50 million as the business grows, resulting in lower financing costs and increased availability.

Simultaneous closing of two material acquisitions:

•CBS Butler Holdings Limited - a Uk bbased firm specialising in engineering and IT staffing services.

• firstPRO Georgia - a US based company with an emphasis on IT staffing and finance & accounting.

On an aggregate basis, the above acquisitions are expected to add approximately $85 million to the top line, resulting in $265 million of annualized revenue, and more than double the pro forma Adjusted EBITDA of Staffing 360's overall business to $11 million on an annualised basis.


"These developments are a game-changer for our company, vaulting us much closer to our goal of becoming a $300 million annualised revenue business," said Brendan Flood, executive chairman of Staffing 360 Solutions.  "While our team has been working diligently behind the scenes to make these complex transactions a reality, we understand our investors have been very patient as we have executed a multi-year strategy of driving operational improvements and financial governance. We believe this refinancing of our balance sheet and simultaneous closing of two acquisitions will help us unlock significant value, especially as we leverage our projected positive operating cash flow from these transactions to drive additional organic and acquisitive growth.”

Matt Briand, president and CEO, added: "With two acquisitions officially closed, our team is looking forward to adding these outstanding organisations. CBS Butler is an award-winning staffing firm in the UK specialising in the engineering and IT space. The group brings a wealth of management talent and client relationships as a complement to our existing UK businesses. In addition, firstPRO Georgia brings strong accounting, finance and IT depth while expanding our geographic footprint. These firms are leaders in their respective fields and we are thrilled to welcome them to the Staffing 360 family."

"We are significantly improving the overall financial strength of our company, as well as our day-to-day operational facilities," said David Faiman, chief financial officer. "The $40 million refinancing provides us with a financial platform to drive further improvements and operational cash flow. In addition, the enhancements to our receivable facility will help streamline the operational efficiency of our US businesses as we continue to grow and achieve economies of scale."



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